Affected by the trade war and the expected rate cut by the Federal Reserve, the price of gold has reached a historical high, just one step away from the $3000 mark. It continues to soar, hitting 13 historical highs and is expected to rise for the second consecutive week. Experts believe that the risk is biased towards the upside, with ETF holdings increasing to support the price of gold.

The price of gold has fallen, but Ole Hansen believes that there are still bullish opportunities for gold. Factors supporting gold include increased government spending after the US election, deteriorating US debt situation, Central Bank purchases of gold reserves, etc. The pullback in the past week is a healthy response to previous buying.

Trump may impose high import tariffs, causing the prices of copper and silver futures in New York to soar to historic levels. Traders are increasing their positions and shipping copper to warehouses in the United States to make profits. Global investors are seeking protection against challenging inflation, fiscal debt concerns, and Trump's unpredictability. The surge in COMEX prices is undoubtedly part of the story of Trump's unpredictability.

The gold price fell as traders took profits, as strong economic data released by the United States increased the possibility of the Federal Reserve being cautious about future interest rate cuts. Despite the Central Bank buying and geopolitical risks driving a significant pump in gold prices this year, slightly higher overall inflation rates than the Central Bank's target will also put pressure on gold prices. The relative strength index of gold rose above 70 on the 14th, indicating that the market may be overbought. The uncertainty of the U.S. presidential election also makes gold a safe-haven asset. The election results could lead to a drop in gold prices of over $100.

Oil prices continue to rise, with Brent crude returning to $75 per barrel, international benchmark crude prices pumping 1% to $74.41 per barrel, and US WTI crude prices pumping 1.1% to $70.65 per barrel. People are worried about broader conflict erupting in the Middle East, and speculative positions remain heavily shorted.

US inflation data came in higher than expected, with an increase in initial jobless claims, supporting bets on the Fed's rate cut next week. The price of gold continues to rise and hit a historic high. For the gold market, the start of the rate cut cycle may increase support, regardless of the extent of the rate cut. Central Bank buying and off-market demand will also pump up the price of gold.

On December 18th, Jinshi Data reported that Ole, the head of Commodity Strategy at Shengbao Bank,

On August 4th, Jinshi Data reported that Ole Hansen, head of commodity strategy at Shengbao Bank, said that if economic data continues to weaken, the spot gold price could quickly reach the $2500 mark. The prospect of a Fed rate cut, coupled with ongoing geopolitical tensions, rising debt concerns, and new demands from central banks and ETF investors, is expected to further support and pump up the gold price.